Proactive Investors - Run By Investors For Investors

Lyft races towards IPO with confidential SEC filing

The San Francisco ride-hailing company did not specify how much it's seeking to raise or how much it believes it's worth
A vehicle sporting the Lyft logo
The San Francisco-based company reported revenue of $563 million, up 88% compared with the year-earlier period

Uber’s closest rival Lyft disclosed Thursday it has confidentially filed a draft registration statement with the Securities and Exchange Commission related to its proposed initial public offering.

The move has been expected and is a key step for the closely held company toward becoming a publicly traded company.

IPO Roundup: Uber and Lyft race towards IPOs as bank s line up

Lyft selected underwriters, including JPMorgan Chase & Co, Credit Suisse Group AG and Jefferies Group LLC, for the offering, which is expected in the first half of next year, The Wall Street Journal reported in October.

The Journal said Lyft’s valuation is expected to top the $15.1 billion it was valued at earlier this year, though private valuations can change until the company prices its IPO.

Lyft’s decision to take the big step toward an IPO comes as rival Uber is also weighing an early 2019 listing and recently received proposals from banks valuing it at as much as $120 billion.

Lyft, which is part of the sharing economy, makes money by taking a commission on rides booked through its app.

It did not specify how much it's seeking to raise or how much it believes it's worth.

The San Francisco-based company reported revenue of $563 million, up 88% compared with the year-earlier period, the Journal has reported. It lost $254 million in the quarter, versus a $195 million loss last year.

 

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

View full PROAC profile View Profile

Proactiveinvestors Timeline

Related Articles

Students in a class
August 27 2018
The company is gaining traction in Asia where people are looking to take language courses to work or study internationally
Apollo 11
February 22 2018
Immersive VR, a technology company focused on the education space, was the first company Sure backed
Marketing and public relations
April 04 2018
"Our Beyond, MBooth and Publitek agencies have been stand-out performers, whilst we have achieved solid performances pretty much across the portfolio"
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use